Nufarm Class Action Suit Reaches Settlement

A small group of shareholders of Nufarm, who were behind two class action suits against the company, are willing to settle and share the $43.5 million they will receive as part of it.

Through a statement released by Maurice Blackburn and Slater & Gordon, the shareholders lawyers, the group said that it has reached an agreement with the company during mediation.

Terms and conditions have not been made available to the public and a Federal Court is still required to approve the deal the two parties have made.

The class action suit covers shareholders who bought shares from the company between September 2009 and August 2010. It relates to the failure of Nufarm to advise the stock exchange on how herbicide glyphosate has been affecting business and profitability.

Nufarm, a company that deals with agricultural supplies, has denied the allegations made in the lawsuit. Its chairman said that in settling with the shareholders, they decided upon the possible risks and costs, as well as the distraction it will incur with managing the business.

Its chairman said that the company is committed in focusing on the improvement of its operating performance.

Had the settlement not been reached, the court case was supposed to go on hearing next year under Justice John Middleton in the Federal Court.